GBPUSD break above 1.6480 resistance. Further rally is now in favor and next target is to test 1.6743 previous high resistance, a break above this level will suggest that the uptrend from 1.3654 has resumed, then further rally could be seen to 1.7000 zone. Near term support is at 1.6400, and key support is at 1.6265, a break down below 1.6265 level will indicate that the rise from 1.5984 has completed, and then further fall is expected to 1.6050-1.6100 area.
AUDUSD breaks above 0.8155 resistance, suggesting that the medium term uptrend from 0.6248 has resumed. Further rally is now in favor and next target is to test 0.8263 resistance. Near term support is at 0.8055, as long as this level holds, the short term uptrend from 0.7703 will continue.
USDJPY might be forming a short term cycle top at 94.78 level on 4-hour chart. Deeper decline to test 93.25 could be seen later today, a break below this level will confirm the cycle top. Near term resistance is now at 94.78, only rise above this level could take price to 96.00 zone.
EURUSD breaks above 1.4197 resistance. However, the next short term cycle top is nearing, pullback is expected before breaking above 1.4338 previous high resistance. Near term support is at 1.4120, and key support is at 1.4056, below this level will suggest that a cycle top has been formed, then deeper decline could be seen to 1.3850 zone.
USDCAD’s downtrend from 1.1723 extends further to as low as 1.1018 level. As long as 1.1223 resistance holds, deeper decline is still possible and next target could be at 1.0950 level. Initial resistance is at 1.1100, and key resistance is at 1.1223, only rise above this level will take price back to 1.1300 zone.
No changed in our view, USDCHF is in range trading between 1.0590 and 1.1021. Moving sideways without trend in the range is expected to follow. One more rise above 1.1021 would more likely be seen after the sideways consolidation.